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The effect of changes in the federal funds rate target on market interest rates in the 1970s

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  • Timothy Cook
  • Thomas Hahn
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    Abstract

    The standard empirical test of whether the Federal Reserve can influence interest rates is to regress interest rates on current and past (actual or unexpected) values of money growth. This literature generally finds little support for the view that the Fed can influence interest rates, except perhaps through the positive impact on inflation expectations of increases in money growth.

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    File URL: http://www.richmondfed.org/publications/research/working_papers/1988/wp_88-4.cfm
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    File URL: http://www.richmondfed.org/publications/research/working_papers/1988/pdf/wp88-4.pdf
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    Bibliographic Info

    Paper provided by Federal Reserve Bank of Richmond in its series Working Paper with number 88-04.

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    Date of creation: 1988
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    Handle: RePEc:fip:fedrwp:88-04

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    Keywords: Federal funds market (United States) ; Interest rates;

    References

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    1. Cook, Timothy & Hahn, Thomas, 1988. "The Information Content of Discount Rate Announcements and Their Effect on Market Interest Rates," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 20(2), pages 167-80, May.
    2. Marvin Goodfriend, 1986. "Interest rate smoothing and price level trend-stationarity," Working Paper 86-04, Federal Reserve Bank of Richmond.
    3. William T. Gavin & Nicholas V. Karamouzis, 1984. "Monetary policy and real interest rates: new evidence from the money stock announcements," Working Paper 8406, Federal Reserve Bank of Cleveland.
    4. Fama, Eugene F., 1986. "Term premiums and default premiums in money markets," Journal of Financial Economics, Elsevier, vol. 17(1), pages 175-196, September.
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    Cited by:
    1. Habib Rahman & Hasan Mohsin, 2011. "Monetary Policy Announcements and Stock Returns: Evidence from the Pakistani Market," Transition Studies Review, Springer, vol. 18(2), pages 342-360, December.

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